The CBO estimated the cost of the CFPB Protection Advisory Boards Act (H.R. 4383), as ordered by the House Committee on Financial Services. The bill would establish three new groups to provide advice to the CFPB. The Small Business Advisory Board would provide information on the practices of small businesses that offer financial products and services. The Credit Union Advisory Council would provide advice to the CFPB on financial products or services that affect credit unions. The Community Bank Advisory Council would provide advice to the CFPB on financial products or services that affect community banks. Fifteen to twenty members would be appointed to each advisory group, which would meet at least twice each year.
CBO estimates the agency would spend less than $500,000 each year to support these three advisory groups.